We get many questions regarding the timeline to foreclosure once a homeowner begins missing their mortgage payments.
With the understanding that every lending institution may be different in how they begin the foreclosure process, we are going to discuss the STANDARD timeline and requirements from delinquency to a home going to a bank sale.
Technically, a mortgagee is delinquent if their payment does not reach the lender on the due date as stated in their mortgage agreement. However most lenders do assess a late payment penalty if payment is later than 15 days beyond the stated due date. Typically, once a mortgage payment is more than 30 days past due, the lender may make contact with the homeowner to assess their situation and try to determine when payment will be made and/or when the mortgage payments will be made current.
Once the lender has made contact, if payment has not been made in order to make the mortgage current, the lender may file a Notice of Default (NOD) 30 days after having made initial contact with the homeowner regarding their delinquency.
Three months after the lender files the NOD on the property, if the mortgage has not been brought to current status by the homeowner, the lender may file a Notice of Trustee’s Sale setting forth the time, date and location of the trustee’s sale, meaning the home will be put up for auction on that date. The sale will take place typically 20 days after the Notice of Trustee’s Sale has been posted.
Foreclosures can be devastating on a homeowner, but there are ways to avoid foreclosure if you or someone you know may be behind in their mortgage payments. We are here to help. Find out more about foreclosure relief, and how our staff of caring professional can help by going to: http://bringingyouhomescv.com/stop-foreclosure.htm or calling 661-510-2789.